SEGMENTS (Tables)

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

Revenues and Net Operating Income for Reportable Segments

The following tables present NOI for the years ended December 31, 2021, 2020, and 2019 from our reportable segment and reconcile net operating income to net income as reported in the consolidated financial statements. Segment assets are also reconciled to total assets as reported in the consolidated financial statements.

	(in thousands)
Year ended December 31, 2021	Multifamily		All Other		Total
Revenue	$	195,624	$	6,081	$	201,705
Property operating expenses, including real estate taxes	79,096		2,761		81,857
Net operating income	$	116,528	$	3,320	$	119,848
Property management expenses					(8,752)
Casualty loss					(344)
Depreciation and amortization					(92,165)
General and administrative expenses					(16,213)
Gain (loss) on sale of real estate and other investments					27,518
Interest expense					(29,078)
Loss on debt extinguishment					(535)
Interest and other income (loss)					(2,380)
Net income (loss)					$	(2,101)

	(in thousands)
Year ended December 31, 2020	Multifamily		All Other		Total
Revenue	$	164,126	$	13,868	$	177,994
Property operating expenses, including real estate taxes	66,356		6,802		73,158
Net operating income	$	97,770	$	7,066	$	104,836
Property management expenses					(5,801)
Casualty loss					(1,662)
Depreciation and amortization					(75,593)
General and administrative expenses					(13,440)
Gain (loss) on sale of real estate and other investments					25,503
Interest expense					(27,525)
Loss on debt extinguishment					(23)
Interest and other income					(1,552)
Net income (loss)					$	4,743

	(in thousands)
Year ended December 31, 2019	Multifamily		All Other		Total
Revenue	$	148,644	$	37,111	$	185,755
Property operating expenses, including real estate taxes	60,760		17,555		78,315
Net operating income	$	87,884	$	19,556	$	107,440
Property management expenses					(6,186)
Casualty loss					(1,116)
Depreciation and amortization					(74,271)
General and administrative expenses					(14,450)
Gain (loss) on sale of real estate and other investments					97,624
Interest expense					(30,537)
Loss on debt extinguishment					(2,360)
Interest and other income					2,092
Income (loss) before gain on litigation settlement					78,236
Gain (loss) on litigation settlement					6,586
Net income (loss)					$	84,822

Segment Assets and Accumulated Depreciation

Segment Assets and Accumulated Depreciation 

	(in thousands)
As of December 31, 2021	Multifamily		All Other		Total
Segment assets
Property owned	$	2,244,250	$	26,920	$	2,271,170
Less accumulated depreciation	(436,004)		(7,588)		(443,592)
Total property owned	$	1,808,246	$	19,332	$	1,827,578
Cash and cash equivalents					31,267
Restricted cash					7,358
Other assets					30,582
Mortgage loans receivable					43,276
Total Assets					$	1,940,061

	(in thousands)
As of December 31, 2020	Multifamily		All Other		Total
Segment assets
Property owned	$	1,727,287	$	85,270	$	1,812,557
Less accumulated depreciation	(368,717)		(30,532)		(399,249)
Total property owned	$	1,358,570	$	54,738	$	1,413,308
Cash and cash equivalents					392
Restricted cash					6,918
Other assets					18,904
Mortgage loans receivable					24,661
Total Assets					$	1,464,183